Looking at the EUR USD chart on the daily time frame, we see that we are still in consolidation 1.15500-1.16000. Now we need to wait to see if the pair will break below or the consolidation will be positive and climb EURUSD to the previous break zone in area 1.16500-1.17000. The pressure is still on the Euro side. We are more likely to see a further descent towards the psychological level at 1.15000 and a further attempt to continue towards the lower levels on the chart. For a bullish scenario, if we climb to the zone 1.16500-1.17000, we will have resistances in the 20-day and 50-day and the upper downward trend line. The break above us returns to a stronger bullish trend. If we see stronger resistance in that zone, we will see a new pull towards lower values on the chart.
GBPUSD chart analysis
Looking at the GBPUSD chart on the daily time frame, we see that the pair is currently testing a 20-day moving average, 23.6% Fibonacci level, and resistance in the area of 1.36000-1.36500. On Friday, the pair was very volatile, but the price at the opening and closing of the day was 1.36100. The pound failed to make a stronger move to the bullish side. This is because the bearish pressure is still evident. So, we can easily see the decline of this pair to the previous low at 1.34100. We need a positive consolidation for the bullish trend that will move the pair towards the next upper resistance at 38.2% Fibonacci level at 1,3,700 and a 50-day moving average. The break above us leads to a 200-day moving average in 50.0% Fibonacci level at 1,38300.
AUDUSD chart analysis
Looking at the AUDUSD chart on the daily time frame, we see that we have been in a bullish trend for the last week after the pair found support in the zone around 0.72000. Further progress climbed the AUDUSD pair to the current 0.73360 above the 20-day and 50-day moving average. We can now expect better support and a continuation towards the previous high in the zone around 0.75000. Our maximum current goal is to reach the level of the 200-day moving average. For the bearish scenario, we need negative consolidation and a pull below moving averages. After that, we ask for lower support at 0.72000. Then if we go down, the next one is at 0.71000, while psychological support is at 0.70000.
Prime Minister Jacinda Ardern from New Zealand said this morning that the largest city in the state of Auckland would remain under level 3 quarantine. Ardern said that the locking restrictions would be revised again in a week. The decision was reached after New Zealand reported a total of 35 new cases. It’s up from 60 on Sunday, bringing the total number of cases in the current epidemic to 1,622.
In a speech Monday, Japanese Prime Minister Fumio Kishida said that he wants to put together an economic package as early as next month. As if you need a quick decision on the financial package after the general elections.
It is also necessary to hold an eye on the coronavirus until the additional budget passes; it will flexibly use the reserves set aside for emergencies. Achieving solid economic growth is paramount, as done by a sound monetary policy, a flexible fiscal policy, and a growth strategy.
Italy’s industrial production fell in August, data released by the statistical office Istat showed on Monday.
Industrial production fell 0.2 percent in August from July, when production rose 1 percent. This was the first drop in three months and less than the economists’ forecast of -0.3 percent.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.